Tassal receives major approvals for stage 3 expansion of Proserpine prawn farm

Tassal Group (ASX:TGR) has received the green light from the Whitsunday regional Council and Queensland State Government for the Company’s Stage 3 expansion plans for its prawn farm located near Proserpine.

Having received these approvals, Tassal says its prawn growth strategy continues to be on track.

The company can now commence construction of Stage 3 at Proserpine, adding 80 hectares of ponds and the new hatchery infrastructure, in readiness for stocking the expanded farm in FY21.

Tassal Managing Director & CEO Mark Ryan says with all major Stage 3 approvals received, the company can now commence investing $30 million to build 80 hectares of additional pond and new hatchery infrastructure for production next financial year.

The expansion will create 50 new jobs and support the company's target of generating $25 million in EBITDA from prawns in FY21.

Shares in Tassal (ASX:TGR) closed 1.92 per cent lower at $4.08 yesterday.
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Source: Finance News Network